Envision Development Settles Suits With LiQ Shareholders.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 7, 2000 Envision Development Corporation (EDV EDV end-diastolic volume. ) disclosed today the Company has settled two parallel lawsuits involving a demand made by Abbas Shah and others on behalf of themselves and other former shareholders (Shah) of LiQ, Inc. (LiQ), to rescind To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made. rescind v. LiQ's merger with the Company, which was consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. on May 8, 2000. Shah brought suit in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in July 2000, alleging the Company made misrepresentations in connection with its agreement to merge with LiQ. Also in July 2000, the Company brought suit in Superior Court for the Commonwealth of Massachusetts, which was later removed to the United States District Court for the District of Massachusetts The United States District Court for the District of Massachusetts is the Federal district court whose jurisdiction is the Commonwealth of Massachusetts. The first court session was held in Boston in 1789. , seeking to have the merger declared valid. Under the terms of the settlement, which still requires court approval to be consummated, the Company and LiQ have agreed as follows: The Company will retain a 5% interest in LiQ, and transfer 95% of LiQ's common stock to Abbas Shah and the other plaintiffs in the New York lawsuit; the Company will make to LiQ a one-time payment of $200,000; and, the former LiQ shareholders will be given the opportunity by LiQ and pursuant to the settlement to exchange the Envision common stock they received in connection with the merger for shares of LiQ common stock. Envision's Board Chairman, Dean M. Willard, commented as follows with respect to the settlement: "We are hopeful that this resolution, which in effect restructures the relationship between Envision and LiQ, will give the original LiQ management team the best opportunity to develop a market for its IsoSpace(TM) technology. By retaining an ownership position in LiQ, the Company hopes to benefit from the efforts of LiQ management." The press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. Such risks and uncertainties are described in the Company's filings with the SEC including the Company's Annual Report on Form 10K and the Registration Statement on Form S-1. |
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